New Colorado Housing Laws for Investors

Legislative changes continue as Colorado’s lawmakers tackle housing issues. Our population growth has sparked much debate and solutions around affordability and rental properties. We’re keeping our real estate investors educated on the recent changes:

“For Cause” Evictions

There’s been great debate around these new legal protections for renters’ rights. The recently passed HB24-1098 requires landlords to extend leases in many cases, so tenants have a better chance to renew (and cannot be forced out of the home without a good reason). Landlords are concerned this policy will prevent them from breaking leases with bad-behaving tenants.

Habitability of Rentals

Officially passed in May, SB24-94 requires landlords to ensure their rentals are “habitable.” There are new timelines and standards for how investors handle issues. Landlords must provide alternate housing as certain life, health, or safety-affecting issues are being handled. These new legal procedures and standards are allowed to be used as an affirmative defense against eviction.

Read More: New Colorado Housing Laws for Developers and Homeowners

No Limits on Roommates

HB24-1007 was a hot debate within the statehouse and was ultimately passed. Overturning Colorado cities’ “occupancy limits” allows more roommates (and homeowners) to share a property, but within safety and health reasons. Local governments can still set limits for fire safety and health.

No Post-Disaster Price Gouging

The 2021 Marshall Fire inspired HB24-1259. Signed by Polis in June, landlords can’t do a significant rent hike for a year after a community is impacted by an government-declared emergency (by the governor or president). Investors can increase rent up to 10% from the previous year.

As Colorado’s legislation around rental properties shifts, your RE/MAX Alliance Agent will help you strategize (or re-strategize) your real estate goals. Remember, every market offers opportunities. We are trained to pivot and adapt so you can build financial security and beyond. 

Source: CPR.org